This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ellie Mae Releases November 2013 Origination Insight Report

Ellie Mae ® (NYSE: ELLI), a leading provider of enterprise-level, on-demand automated solutions for the residential mortgage industry, today released its Origination Insight Report for November 2013. The report draws its data and insights from a robust sampling of the significant volume of loan applications—more than 20% of all originations in the United States—that flow through Ellie Mae’s Encompass ® mortgage management software and the Ellie Mae Network™.

MONTHLY ORIGINATION OVERVIEW FOR NOVEMBER 2013

   

November 2013*

 

October 2013*

 

6 Months Ago (May 2013)*

 

1 Year Ago (November 2012)*

Closed Loans
Purpose
Refinance   45%   39%   58%   68%
Purchase   55%   61%   42%   32%
Type
FHA   20%   19%   19%   19%
Conventional   69%   68%   72%   73%
Days to Close
All   42   45   44   50
Refinance   37   43   44   51
Purchase   45   46   45   48
ARMs vs. Fixed, Length, Rate
ARM %   5.8%   5.6%   3.1%   2.0%
15 Year %   14.5%   15.5%   16.4%   16.7%
30 Year – Note Rate   4.526   4.750   3.747   3.600

*All references to months should be read as month ended.

PROFILES OF CLOSED AND DENIED LOANS FOR NOVEMBER 2013

   

Closed First-Lien Loans (All Types)

 

Denied Loans (All Types)

FICO Score (FICO)   729   694
Loan-to-Value (LTV)   81   82
Debt-to-Income (DTI)   25/38   28/44

More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/ .

To get a meaningful view of lender “pull-through,” Ellie Mae reviewed a sampling of loan applications initiated 90 days prior (i.e., the August 2013 applications) to calculate an overall closing rate of 53.1% in November, up from 51.4% in October 2013 (see full report).

“Refinances increased by six percentage points in November, the first time in ten months refinance share increased on a month-over-month basis,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “This was probably attributable to the quarter of a point decline in the interest rates on the 30-year note in November, which declined to 4.526.

“HARP-related refinancing activity also increased, as conventional refinances at 95%-plus LTV rose to 8.30% in November from 7.30% in October.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,126.12 -36.87 -0.20%
S&P 500 2,120.79 -2.69 -0.13%
NASDAQ 5,097.9760 -8.6170 -0.17%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs